4-2 Understanding Taxes Quiz Business U

Fill in the blank: _______ is a federal program that provides temporary financial assistance to unemployed workers who lose their jobs through no fault of their own.

• Federal Unemployment Tax Act (FUTA)

• Social Security

• Medicare

• Supplemental Nutrition Assistance Program (SNAP)

Fill in the blank: _______ is a tax imposed on the income generated by an individual or business.

• Income Tax

• Sales Tax

• Property Tax

• Value Added Tax

Fill in the blank: _______ is a tax that funds health insurance for citizens 65 years of age and older.

• Medicare Tax

• Social Security Tax

• Income Tax

• Sales Tax

Fill in the blank: _______ is a tax system where the tax rate increases as the taxpayer's income increases.

• Progressive Tax System

• Regressive Tax System

• Flat Tax System

• Proportional Tax System

Fill in the blank: _______ is a tax imposed on real estate or other forms of property.

• Property Tax

• Income Tax

• Sales Tax

• Value Added Tax

Fill in the blank: _______ is a consumption tax paid by the end consumer of goods and services.

• Sales Tax

• Income Tax

• Property Tax

• Capital Gains Tax

Fill in the blank: _______ is a tax that funds financial assistance for retirement, disability, and survivors.

• Social Security Tax

• Income Tax

• Sales Tax

• Property Tax

Fill in the blank: _______ is a state program that provides temporary financial assistance to unemployed workers who lose their jobs through no fault of their own.

• State Unemployment Tax Act (SUTA)

• Temporary Assistance for Needy Families (TANF)

• Workers' Compensation

• Social Security Disability Insurance (SSDI)

Fill in the blank: _______ is the amount of money that is owed by a person or organization to a taxing authority.

• Tax Liability

• Tax Refund

• Tax Credit

• Tax Deduction

Fill in the blank: _______ are mandatory payments made by individuals and businesses to governments.

• Taxes

• Donations

• Loans

• Investments